Here is an example. This is the dirty secret that insurance companies do not want you to know!!!
Pre accident value = $41,905 | post accident value = $28,699 | diminished value is $13,206
Your car was involved in an accident and now it's worth less after being repaired. What should you do?
Do not let the insurance company off the hook for your loss. In Illinois you can recover the diminished value of your vehicle after an auto accident.
Diminished Value is the loss in market value that occurs when a vehicle is wrecked and repaired. Consumers will not pay the same price for a wrecked, then repaired vehicle, as they will for a vehicle with no prior accident history. Even if the repairs were done well, the vehicle will still lose value. In Illinois, you can recover for this lost value.
The statute of limitations on a diminished value claim in Illinois is 5 years, and Illinois does have uninsured motorist coverage for diminished value. That means if the person that hit you does not have insured, you may be able to collect the diminished valued from your own insurance company. You cannot submit a diminished value claim if you were at-fault for the accident, or if the damage was caused by something other than a collision.
We currently accept cases in the following Illinois Counties: Cook, DuPage, McHenry, Kane, Lake and Will. Contact us for a FREE consultation to see if you qualify for a diminished value claim. Simply fill out the form below at the bottom of this page to start the process.
What you need to know
who was at fault?
If you were at fault for the accident, then you cannot recover for diminished value. If someone else was at fault for the accident, they you can recover for diminished value. Please contact us to get your case started.
how much is my case worth?
That depends... Every case is different. However, the lower amount that a reasonable consumer will now pay for your car due to it being repaired and involved in an accident is what your case is worth. The value of your car before and after the accident requires specialized knowledge. We can help you with that. We can also fight the insurance company to collect that difference.
what information do i need?
Vehicle information: Make, model, year, and other relevant paperwork. Repair estimate from body shop. Police report or accident report number. Insurance company information: name, address, policy number and agent if applicable.
how long does it take?
That also depends.... Once we meet and collect all of the information, most cases are settled outside of court within several months. However, if the insurance company is not playing fair, we will fight them in court and that will take longer.
Let's Talk.
We only need some basic information to get started on your case and give you a free evaluation. We will need: police reports, repair estimates, vehicle information, insurance information, etc. You can send us this information by e-mail. If we can take on your case, our fee is contingent on the outcome of your case. In other words, we only get paid if we win your case and collect money for you.